tech
Cisco cuts nearly 4,000 jobs to spend more on AI, reports 'record quarterly revenue'
This is Cisco's latest layoff in recent years, while the company's chief executive touts record revenue and growth.
TL;DR
- Cisco is cutting nearly 4,000 jobs, about 5% of its workforce.
- The company aims to change its cost structure and invest more in AI and cybersecurity.
- This follows a trend of tech companies like Cloudflare and General Motors laying off staff while prioritizing AI spending.
- Cisco reported better-than-expected profit and revenue in its fiscal third quarter, with CEO Chuck Robbins citing 'record revenue' and 'double-digit growth'.
- The company plans increased investment in cybersecurity due to ongoing vulnerabilities in its products.
- This is the latest in a series of job cuts at Cisco in recent years.